WEBVTT

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<v Sarah>Meta <00:00:00.448>puts <00:00:00.720>in <00:00:00.900>two-point-three <00:00:01.500>billion, <00:00:02.280>takes <00:00:02.560>a <00:00:02.660>billion <00:00:02.864>back <00:00:03.200>out, <00:00:03.820>and <00:00:04.050>quietly <00:00:04.480>backstops <00:00:05.262>thirteen <00:00:05.840>billion <00:00:06.453>in <00:00:06.622>residual-value <00:00:07.600>guarantees.

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<v Sarah>The <00:00:09.184>risk <00:00:09.493>lands <00:00:09.840>on <00:00:10.093>bonds, <00:00:10.811>leases, <00:00:11.640>and <00:00:11.792>your <00:00:11.973>power <00:00:12.304>bill.

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<v Sarah>If <00:00:15.060>you're <00:00:15.232>just <00:00:15.410>joining <00:00:15.840>us, <00:00:16.560>PJM's <00:00:17.267>large-load <00:00:17.987>fight <00:00:18.384>goes <00:00:18.704>well <00:00:19.040>beyond <00:00:19.573>interconnection <00:00:20.320>queues.

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<v Sarah>Data-center <00:00:21.968>load <00:00:22.213>is <00:00:22.380>straining <00:00:22.873>reliability, <00:00:24.133>so <00:00:24.302>capacity-market <00:00:25.213>costs, <00:00:25.968>backstop <00:00:26.480>design, <00:00:27.331>governance, <00:00:27.960>and <00:00:28.160>FERC <00:00:28.544>oversight <00:00:29.200>are <00:00:29.520>all <00:00:29.840>in <00:00:30.112>play.

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<v Sarah>The <00:00:31.333>backdrop <00:00:31.813>is <00:00:31.960>a <00:00:32.044>northern <00:00:32.453>Virginia <00:00:32.940>voltage <00:00:33.420>disturbance <00:00:34.147>where <00:00:34.528>more <00:00:34.752>than <00:00:34.933>three <00:00:35.280>gigawatts <00:00:35.947>of <00:00:36.064>data-center <00:00:36.640>demand <00:00:37.180>dropped <00:00:37.653>to <00:00:37.829>backup <00:00:38.307>power

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<v Sarah>followed <00:00:39.493>by <00:00:39.813>PJM <00:00:40.373>board <00:00:40.688>direction <00:00:41.200>on <00:00:41.422>resource <00:00:41.973>adequacy

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<v Sarah>affordability <00:00:43.960>and <00:00:44.133>large <00:00:44.507>loads.

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<v Matt>This <00:00:46.587>is <00:00:46.820>The <00:00:46.944>Data <00:00:47.257>Center <00:00:47.680>Daily.

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<v Matt>Meta <00:00:49.100>finally <00:00:49.587>names <00:00:49.973>El <00:00:50.224>Paso, <00:00:51.451>Amazon <00:00:52.064>goes <00:00:52.373>on <00:00:52.500>the <00:00:52.617>record <00:00:52.987>in <00:00:53.111>Virginia, <00:00:53.980>and <00:00:54.240>Equinix <00:00:54.944>hits <00:00:55.240>the <00:00:55.408>bond <00:00:55.657>market <00:00:56.060>for <00:00:56.307>three <00:00:56.710>billion.

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<v Matt>Stick <00:00:57.989>around — <00:00:58.773>we're <00:00:59.017>asking <00:00:59.440>who's <00:00:59.973>actually <00:01:00.460>holding <00:01:00.940>all <00:01:01.168>that <00:01:01.408>guarantee <00:01:01.911>exposure.

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<v Sarah>Meta's <00:01:03.649>latest <00:01:04.072>10-Q <00:01:04.685>names <00:01:05.032>El <00:01:05.304>Paso <00:01:05.792>for <00:01:05.932>the <00:01:06.045>first <00:01:06.392>time <00:01:06.872>as <00:01:07.212>the <00:01:07.329>market <00:01:07.718>behind <00:01:08.032>its <00:01:08.210>previously <00:01:08.856>disclosed <00:01:09.512>data-center <00:01:10.232>co-development.

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<v Sarah>The <00:01:11.725>proposed <00:01:12.200>structure <00:01:12.676>deserves <00:01:13.072>a <00:01:13.165>close <00:01:13.512>look, <00:01:14.072>so <00:01:14.296>here's <00:01:14.652>the <00:01:14.769>filing <00:01:15.183>language.

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<v Quote>In <00:01:16.411>July <00:01:16.827>2026 <00:01:18.080>we <00:01:18.237>entered <00:01:18.635>into <00:01:18.880>an <00:01:19.056>exclusivity <00:01:19.755>agreement <00:01:20.214>to <00:01:20.347>co-develop <00:01:20.947>a <00:01:21.051>data <00:01:21.353>center <00:01:21.684>campus <00:01:22.054>in <00:01:22.160>El <00:01:22.347>Paso

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<v Quote>Texas <00:01:23.367>through <00:01:23.827>a <00:01:23.917>venture <00:01:24.320>in <00:01:24.467>which <00:01:24.694>we <00:01:24.787>would <00:01:25.019>hold <00:01:25.187>a <00:01:25.387>20% <00:01:26.063>membership <00:01:26.480>interest.

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<v Quote>The <00:01:27.840>transaction <00:01:28.480>is <00:01:28.627>subject <00:01:28.934>to <00:01:29.027>the <00:01:29.219>execution <00:01:29.894>of <00:01:29.998>definitive <00:01:30.558>agreements <00:01:31.107>and <00:01:31.283>customary <00:01:31.837>closing <00:01:32.245>conditions.

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<v Matt>What <00:01:33.434>jumps <00:01:33.781>out <00:01:34.074>is <00:01:34.221>the <00:01:34.434>scale <00:01:34.954>of <00:01:35.081>the <00:01:35.197>guarantee <00:01:35.781>exposure <00:01:36.501>next <00:01:36.848>to <00:01:36.965>Meta's <00:01:37.354>minority <00:01:37.861>stake.

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<v Matt>Meta <00:01:39.268>contributes <00:01:39.852>billions

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<v Matt>pulls <00:01:41.021>out <00:01:41.191>roughly <00:01:41.581>a <00:01:41.671>billion <00:01:42.048>in <00:01:42.197>cash

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<v Matt>ends <00:01:43.354>up <00:01:43.493>with <00:01:43.669>just <00:01:43.907>twenty <00:01:44.241>percent <00:01:44.688>of <00:01:44.761>the <00:01:44.891>venture

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<v Matt>then <00:01:46.170>leases <00:01:46.601>the <00:01:46.741>assets <00:01:47.301>back <00:01:47.688>while <00:01:48.085>backstopping <00:01:48.781>a <00:01:48.883>residual-value <00:01:49.839>obligation <00:01:50.469>that <00:01:50.725>dwarfs <00:01:51.161>the <00:01:51.283>distribution.

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<v Matt>Infrastructure <00:01:53.531>capital <00:01:54.061>and <00:01:54.241>counterparties <00:01:55.101>are <00:01:55.261>going <00:01:55.514>to <00:01:55.678>stress-test <00:01:56.373>that <00:01:56.581>risk <00:01:56.971>profile <00:01:57.541>hard.

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<v Sarah>Watch <00:01:59.421>for <00:01:59.561>the <00:01:59.672>definitive <00:02:00.239>agreements.

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<v Sarah>Until <00:02:01.581>those <00:02:01.874>close, <00:02:02.709>both <00:02:02.941>the <00:02:03.114>El <00:02:03.317>Paso <00:02:03.770>campus <00:02:04.241>and <00:02:04.453>this <00:02:04.661>whole <00:02:05.141>off-balance-sheet-adjacent <00:02:06.709>structure <00:02:07.281>are <00:02:07.741>still <00:02:08.014>contingent.

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<v Sarah>How <00:02:09.605>Meta <00:02:09.919>ultimately <00:02:10.554>books <00:02:10.841>the <00:02:10.963>residual-value <00:02:11.925>guarantee <00:02:12.597>will <00:02:13.034>be <00:02:13.194>worth <00:02:13.514>watching <00:02:13.981>for <00:02:14.170>anyone <00:02:14.625>modeling <00:02:15.050>future <00:02:15.518>hyperscaler <00:02:16.234>joint <00:02:16.572>ventures.

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<v Sarah>Then <00:02:18.477>there's <00:02:18.790>the <00:02:18.930>capex <00:02:19.650>line <00:02:20.023>in <00:02:20.194>Meta's <00:02:20.587>latest <00:02:21.010>10-Q.

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<v Sarah>It <00:02:22.450>reframes <00:02:23.030>the <00:02:23.183>scale <00:02:23.703>of <00:02:23.858>what <00:02:24.066>they're <00:02:24.299>building — <00:02:25.218>take <00:02:25.530>a <00:02:25.684>listen.

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<v Quote>Capital <00:02:28.688>expenditures, <00:02:29.554>including <00:02:30.026>principal <00:02:30.439>payments <00:02:30.893>on <00:02:31.016>finance <00:02:31.575>leases, <00:02:32.338>were <00:02:32.506>$31.08 <00:02:33.926>billion <00:02:34.666>for <00:02:34.826>the <00:02:34.973>three <00:02:35.163>months <00:02:35.559>ended <00:02:35.874>June <00:02:36.226>30, <00:02:36.706>2026.

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<v Matt>And <00:02:38.205>that's <00:02:38.525>just <00:02:38.777>one <00:02:39.027>quarter.

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<v Matt>It's <00:02:40.507>sitting <00:02:40.789>alongside <00:02:41.517>a <00:02:41.664>fresh <00:02:42.066>twenty-five <00:02:43.047>billion <00:02:43.837>in <00:02:44.237>senior <00:02:44.824>unsecured <00:02:45.517>notes <00:02:46.037>and <00:02:46.477>a <00:02:46.610>brand-new <00:02:47.181>line <00:02:47.501>item <00:02:47.837>for <00:02:48.117>third-party <00:02:48.930>AI <00:02:49.264>token <00:02:49.704>costs.

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<v Matt>The <00:02:50.850>spending <00:02:51.321>pressure <00:02:51.725>goes <00:02:51.986>beyond <00:02:52.445>what's <00:02:52.744>in <00:02:52.817>the <00:02:52.934>ground; <00:02:53.810>it's <00:02:54.052>hitting <00:02:54.197>the <00:02:54.374>income <00:02:54.765>statement <00:02:55.277>in <00:02:55.501>real <00:02:55.837>time.

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<v Sarah>Watch <00:02:57.077>how <00:02:57.245>Meta's <00:02:57.567>compute <00:02:57.970>build <00:02:58.285>hits <00:02:58.577>all <00:02:58.930>three <00:02:59.277>cost <00:02:59.641>channels <00:03:00.024>at <00:03:00.173>once: <00:03:01.117>capex, <00:03:01.853>data-center <00:03:02.664>opex, <00:03:03.557>and <00:03:03.757>now <00:03:04.061>purchased <00:03:04.797>AI <00:03:05.189>inference.

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<v Sarah>That <00:03:06.637>bleed <00:03:07.094>across <00:03:07.490>multiple <00:03:07.997>lines <00:03:08.443>points <00:03:08.744>to <00:03:08.877>a <00:03:09.024>surge <00:03:09.417>lasting <00:03:09.894>beyond <00:03:10.317>one <00:03:10.637>cycle.

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<v Sarah>Here's <00:03:12.463>Shane <00:03:12.783>Snider <00:03:13.237>at <00:03:13.354>Data <00:03:13.656>Center <00:03:13.986>Knowledge:

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<v Quote>Amazon <00:03:15.384>urged <00:03:15.828>Virginia <00:03:16.242>regulators <00:03:16.858>during <00:03:17.108>hearings <00:03:17.512>this <00:03:17.744>month <00:03:18.104>to <00:03:18.464>allow <00:03:18.733>hyperscale <00:03:19.368>data <00:03:19.658>center <00:03:19.920>operators <00:03:20.477>to <00:03:20.651>voluntarily <00:03:21.464>fund <00:03:21.827>transmission

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<v Quote>infrastructure <00:03:23.114>serving <00:03:23.491>their <00:03:23.686>campuses

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<v Quote>opening <00:03:25.264>a <00:03:25.418>debate <00:03:25.672>over <00:03:25.924>who <00:03:26.138>should <00:03:26.404>pay <00:03:26.624>for <00:03:26.792>grid <00:03:27.035>expansions <00:03:27.590>needed <00:03:27.891>to <00:03:27.994>support <00:03:28.504>AI.

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<v Quote>The <00:03:29.757>proposal <00:03:30.237>surfaced <00:03:30.710>before <00:03:31.004>the <00:03:31.108>Virginia <00:03:31.504>State <00:03:31.757>Corporation <00:03:32.388>Commission <00:03:32.984>(SCC) <00:03:34.291>in <00:03:34.406>Dominion <00:03:34.950>Energy <00:03:35.277>Virginia’s <00:03:35.921>annual <00:03:36.331>Rider <00:03:36.864>T1 <00:03:37.268>proceeding

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<v Quote>which <00:03:38.308>determines <00:03:38.784>how <00:03:38.944>the <00:03:39.124>utility <00:03:39.604>recovers <00:03:40.067>transmission <00:03:40.637>costs <00:03:40.936>from <00:03:41.120>customers.

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<v Matt>So <00:03:42.186>Amazon <00:03:42.719>walks <00:03:43.050>into <00:03:43.350>Dominion's <00:03:43.919>Rider <00:03:44.346>T1 <00:03:44.716>hearing <00:03:45.126>and <00:03:45.379>volunteers <00:03:46.133>to <00:03:46.266>pay <00:03:46.566>for <00:03:46.806>its <00:03:47.046>own <00:03:47.281>transmission <00:03:47.986>through <00:03:48.426>CIAC.

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<v Matt>Generous. <00:03:51.340>Except <00:03:51.853>their <00:03:52.246>own <00:03:52.496>witness

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<v Matt>Cameron <00:03:53.603>Brooks <00:03:53.978>from <00:03:54.226>E9 <00:03:54.576>Insight

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<v Matt>says <00:03:55.826>the <00:03:55.999>quiet <00:03:56.330>part — <00:03:57.199>it <00:03:57.386>moves <00:03:57.848>stranded-asset <00:03:58.826>risk <00:03:59.246>off <00:03:59.566>the <00:03:59.690>ratepayers <00:04:00.426>and <00:04:00.746>onto <00:04:01.106>the <00:04:01.290>guys <00:04:01.606>driving <00:04:02.046>the <00:04:02.197>demand.

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<v Sarah>Same <00:04:03.866>cost-allocation <00:04:04.813>fight <00:04:05.226>as <00:04:05.546>NV <00:04:05.923>Energy's <00:04:06.474>suit <00:04:06.716>against <00:04:07.146>Tract.

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<v Sarah>NV <00:04:08.655>Energy <00:04:09.146>sues <00:04:09.493>to <00:04:09.599>force <00:04:09.934>transparency; <00:04:11.237>Amazon <00:04:11.843>offers <00:04:12.213>to <00:04:12.326>pay <00:04:12.613>in.

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<v Sarah>Either <00:04:13.646>way, <00:04:14.226>who <00:04:14.426>eats <00:04:14.766>the <00:04:14.874>grid <00:04:15.136>upgrade?

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<v Sarah>Amazon <00:04:16.634>just <00:04:16.879>answered <00:04:17.333>on <00:04:17.406>the <00:04:17.546>record.

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<v Matt>But <00:04:18.959>it's <00:04:19.234>voluntary. <00:04:20.575>Brooks <00:04:21.050>says <00:04:21.326>the <00:04:21.422>Commission <00:04:21.826>can <00:04:22.026>act <00:04:22.319>immediately — <00:04:23.386>sure, <00:04:24.126>but <00:04:24.266>only <00:04:24.613>on <00:04:24.706>a <00:04:24.795>contribution <00:04:25.455>Amazon <00:04:25.926>chooses <00:04:26.399>to <00:04:26.570>make.

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<v Matt>What's <00:04:27.886>the <00:04:27.999>enforcement <00:04:28.642>mechanism <00:04:29.199>if <00:04:29.346>the <00:04:29.535>campus <00:04:30.003>scales <00:04:30.442>down <00:04:30.866>after <00:04:31.086>the <00:04:31.210>wire's <00:04:31.596>already <00:04:32.006>strung?

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<v Sarah>And <00:04:33.546>watch <00:04:33.928>Dominion. <00:04:35.019>Their <00:04:35.232>answer: <00:04:36.032>not <00:04:36.592>here.

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<v Sarah>Punt <00:04:37.819>it <00:04:37.899>to <00:04:38.139>PJM <00:04:38.832>because <00:04:39.445>Rider <00:04:39.912>T1 <00:04:40.405>is <00:04:40.582>exactly <00:04:41.112>where <00:04:41.361>transmission <00:04:42.032>costs <00:04:42.544>land <00:04:43.045>on <00:04:43.205>existing <00:04:43.704>customers

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<v Sarah>and <00:04:45.008>they'd <00:04:45.198>rather <00:04:45.532>not <00:04:45.772>set <00:04:45.972>the <00:04:46.088>precedent <00:04:46.645>in <00:04:46.805>an <00:04:46.981>annual <00:04:47.454>recovery <00:04:48.048>case.

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<v Matt>And <00:04:48.720>this <00:04:48.965>comes <00:04:49.272>right <00:04:49.525>after <00:04:49.872>a <00:04:49.996>Virginia <00:04:50.412>voltage <00:04:50.885>event <00:04:51.212>knocked <00:04:51.699>three-plus <00:04:52.492>gigawatts <00:04:53.099>of <00:04:53.216>data-center <00:04:53.872>load <00:04:54.256>onto <00:04:54.581>backup <00:04:55.045>power.

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<v Matt>The <00:04:56.176>grid <00:04:56.492>already <00:04:56.965>flinched <00:04:57.472>once.

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<v Matt>Voluntary <00:04:59.118>sounds <00:04:59.432>a <00:04:59.532>lot <00:04:59.760>less <00:05:00.003>charitable <00:05:00.560>when <00:05:00.772>the <00:05:00.892>alternative <00:05:01.632>is <00:05:01.832>spreading <00:05:02.240>that <00:05:02.512>bill <00:05:02.889>across <00:05:03.312>every <00:05:03.768>household <00:05:04.325>in <00:05:04.452>the <00:05:04.560>footprint.

55
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<v Sarah>Here's <00:05:06.823>what <00:05:07.008>Energy &amp; <00:05:07.551>Climate <00:05:07.891>Counsel <00:05:08.338>is <00:05:08.455>reporting.

56
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<v Matt>The <00:05:09.991>PJM <00:05:10.458>board <00:05:10.835>actually <00:05:11.231>put <00:05:11.391>a <00:05:11.477>number <00:05:11.804>on <00:05:12.018>it — <00:05:12.631>50 <00:05:12.931>megawatts <00:05:13.651>and <00:05:13.851>you're <00:05:14.071>on <00:05:14.271>the <00:05:14.458>Large <00:05:14.855>Load <00:05:15.173>Registry.

57
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<v Matt>All <00:05:16.615>week <00:05:16.911>I've <00:05:17.063>been <00:05:17.248>asking <00:05:17.631>for <00:05:17.791>a <00:05:17.903>threshold, <00:05:18.671>and <00:05:18.818>there <00:05:18.978>it <00:05:19.164>is. <00:05:19.981>A <00:05:20.103>line <00:05:20.604>in <00:05:20.731>the <00:05:20.871>dirt.

58
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<v Sarah>And <00:05:22.031>the <00:05:22.191>board <00:05:22.439>went <00:05:22.681>further: <00:05:23.531>the <00:05:23.639>directive <00:05:24.124>is <00:05:24.288>moving <00:05:24.677>toward <00:05:25.031>a <00:05:25.231>FERC <00:05:25.660>filing <00:05:26.151>on <00:05:26.371>reliability <00:05:27.095>backstop <00:05:27.678>procurement <00:05:28.691>and <00:05:28.951>interim <00:05:29.573>resource <00:05:30.138>adequacy

59
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<v Sarah>service. <00:05:31.751>We're <00:05:32.135>past <00:05:32.444>press-release <00:05:33.095>territory; <00:05:34.128>tariff <00:05:34.524>language <00:05:35.004>is <00:05:35.157>taking <00:05:35.498>shape.

60
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<v Matt>Remember <00:05:36.531>why <00:05:36.759>this <00:05:36.991>reached <00:05:37.291>the <00:05:37.404>board <00:05:37.698>in <00:05:37.791>the <00:05:37.951>first <00:05:38.218>place.

61
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<v Matt>Foley <00:05:39.671>Hoag <00:05:40.128>traces <00:05:40.524>it <00:05:40.684>to <00:05:40.823>that <00:05:41.004>northern <00:05:41.484>Virginia <00:05:41.981>voltage <00:05:42.524>disturbance — <00:05:43.623>more <00:05:43.815>than <00:05:44.124>three <00:05:44.491>gigawatts <00:05:45.244>of <00:05:45.399>data-center <00:05:46.055>load <00:05:46.364>dropping <00:05:46.844>to <00:05:47.008>backup <00:05:47.418>power

62
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<v Matt>at <00:05:47.931>the <00:05:48.071>same <00:05:48.451>instant.

63
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<v Matt>Three <00:05:50.171>gigawatts, <00:05:51.351>gone <00:05:51.698>in <00:05:51.791>a <00:05:51.911>blink.

64
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<v Matt>That's <00:05:53.479>what <00:05:53.705>pushed <00:05:53.943>this <00:05:54.124>up <00:05:54.258>to <00:05:54.331>the <00:05:54.458>board.

65
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<v Sarah>Nothing <00:05:55.799>gets <00:05:56.031>a <00:05:56.111>board's <00:05:56.359>attention <00:05:56.839>like <00:05:57.075>watching <00:05:57.451>the <00:05:57.575>load <00:05:57.895>walk <00:05:58.211>off <00:05:58.411>the <00:05:58.535>grid <00:05:58.831>all <00:05:59.004>at <00:05:59.191>once.

66
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<v Matt>And <00:06:00.311>a <00:06:00.391>50-meg <00:06:01.262>registry?

67
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<v Matt>Meta's <00:06:03.244>El <00:06:03.447>Paso <00:06:03.891>venture <00:06:04.371>and <00:06:04.631>Amazon's <00:06:05.156>Virginia <00:06:05.592>campuses <00:06:06.339>clear <00:06:06.920>that <00:06:07.192>bar <00:06:07.512>by <00:06:07.699>an <00:06:07.819>order <00:06:08.205>of <00:06:08.384>magnitude.

68
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<v Matt>The <00:06:09.885>registry <00:06:10.365>is <00:06:10.532>finally <00:06:11.005>built <00:06:11.312>for <00:06:11.501>hyperscaler-scale <00:06:12.685>accountability.

69
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<v Sarah>Take <00:06:14.312>Amazon's <00:06:15.032>CIAC <00:06:15.816>push <00:06:16.120>from <00:06:16.402>earlier <00:06:17.072>and <00:06:17.256>pair <00:06:17.539>it <00:06:17.624>with <00:06:17.912>PJM's <00:06:18.543>registry.

70
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<v Sarah>In <00:06:19.612>the <00:06:19.736>same <00:06:20.056>week, <00:06:20.672>two <00:06:20.850>regulators <00:06:21.472>are <00:06:21.659>using <00:06:22.032>different <00:06:22.450>mechanisms <00:06:23.085>to <00:06:23.224>keep <00:06:23.419>large-load <00:06:24.152>costs <00:06:24.652>off <00:06:24.972>the <00:06:25.082>general <00:06:25.496>ratepayer.

71
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<v Sarah>Bloomberg <00:06:27.944>Markets <00:06:28.363>writes:

72
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<v Quote>Data <00:06:29.626>center <00:06:29.964>firm <00:06:30.300>Equinix <00:06:30.920>Inc.

73
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<v Quote>is <00:06:31.546>aiming <00:06:31.847>to <00:06:31.967>raise <00:06:32.327>at <00:06:32.433>least <00:06:32.780>$3 <00:06:33.290>billion <00:06:34.090>through <00:06:34.340>the <00:06:34.508>sale <00:06:34.753>of <00:06:34.967>US <00:06:35.224>investment-grade <00:06:36.047>bonds.

74
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<v Quote>This <00:06:37.244>move <00:06:37.553>comes <00:06:37.847>as <00:06:37.940>the <00:06:38.110>company <00:06:38.520>capitalizes <00:06:39.287>on <00:06:39.420>a <00:06:39.546>recent <00:06:39.884>softening <00:06:40.327>in <00:06:40.420>the <00:06:40.572>debt <00:06:40.746>market

75
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<v Quote>particularly <00:06:42.020>for <00:06:42.190>funding <00:06:42.580>related <00:06:42.913>to <00:06:43.040>the <00:06:43.144>burgeoning <00:06:43.631>artificial <00:06:44.183>intelligence <00:06:44.900>(AI) <00:06:45.660>boom.

76
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<v Sarah>Equinix, <00:06:47.392>at <00:06:47.552>least <00:06:47.859>$3 <00:06:48.159>billion <00:06:48.912>in <00:06:49.070>investment-grade <00:06:49.899>bonds, <00:06:50.399>per <00:06:50.523>Bloomberg.

77
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<v Sarah>Yesterday, <00:06:52.166>it <00:06:52.259>was <00:06:52.399>the <00:06:52.516>record <00:06:52.939>backlog <00:06:53.539>and <00:06:53.679>the <00:06:53.796>raised <00:06:54.246>guidance — <00:06:55.312>today's <00:06:55.679>the <00:06:55.796>answer <00:06:56.166>to <00:06:56.259>how <00:06:56.427>they <00:06:56.659>pay <00:06:56.819>for <00:06:57.019>it: <00:06:57.695>straight <00:06:58.059>to <00:06:58.239>the <00:06:58.347>debt <00:06:58.619>markets.

78
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<v Matt>And <00:06:59.947>they <00:07:00.206>timed <00:07:00.592>it — <00:07:01.395>Bloomberg <00:07:01.963>says <00:07:02.251>they're <00:07:02.509>leaning <00:07:02.907>into <00:07:03.139>a <00:07:03.259>softening <00:07:03.926>in <00:07:03.999>the <00:07:04.107>debt <00:07:04.368>market.

79
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<v Matt>When <00:07:05.439>the <00:07:05.545>window <00:07:05.899>opens, <00:07:06.639>the <00:07:06.779>colo <00:07:07.168>giants <00:07:07.659>climb <00:07:08.089>through <00:07:08.352>it <00:07:08.587>fast.

80
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<v Sarah>For <00:07:09.672>scale

81
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<v Sarah>that <00:07:10.739>three <00:07:10.999>billion <00:07:11.499>is <00:07:11.707>more <00:07:11.931>than <00:07:12.099>the <00:07:12.299>entire <00:07:12.832>reported <00:07:13.339>range <00:07:13.779>for <00:07:13.919>the <00:07:14.139>TPG–Netrality <00:07:15.569>carrier-hotel <00:07:16.603>deal: <00:07:17.539>two <00:07:17.739>to <00:07:17.939>three <00:07:18.199>billion <00:07:18.659>for <00:07:18.841>eighteen

82
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<v Sarah>properties <00:07:20.099>and <00:07:20.499>a <00:07:20.579>hundred-plus <00:07:21.319>megawatts.

83
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<v Sarah>One <00:07:22.859>Equinix <00:07:23.419>bond <00:07:23.799>run <00:07:24.075>outsizes <00:07:24.899>the <00:07:25.046>whole <00:07:25.267>portfolio.

84
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<v Matt>There's <00:07:26.987>your <00:07:27.229>capital-intensity <00:07:28.239>gap.

85
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<v Matt>Meta <00:07:29.579>floats <00:07:30.105>twenty-five <00:07:30.619>billion <00:07:31.232>in <00:07:31.396>senior <00:07:31.819>notes, <00:07:32.679>Equinix <00:07:33.259>taps <00:07:33.726>three — <00:07:34.639>the <00:07:34.763>bond <00:07:35.076>market <00:07:35.499>is <00:07:35.715>basically <00:07:36.281>becoming <00:07:36.832>an <00:07:37.099>AI-infrastructure <00:07:38.419>ATM.

86
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<v Sarah>No <00:07:39.641>residual-value <00:07:40.595>guarantee <00:07:41.143>attached, <00:07:41.625>either.

87
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<v Sarah>After <00:07:42.639>the <00:07:42.763>Meta <00:07:43.072>El <00:07:43.259>Paso <00:07:43.627>structure <00:07:44.112>we <00:07:44.267>just <00:07:44.493>walked <00:07:44.739>through, <00:07:45.499>a <00:07:45.632>plain <00:07:45.949>vanilla <00:07:46.363>bond <00:07:46.686>raise <00:07:47.059>feels <00:07:47.328>almost <00:07:47.819>quaint.

88
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<v Matt>Honestly, <00:07:49.855>refreshing.

89
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<v Matt>Equinix <00:07:51.459>borrows <00:07:51.859>money, <00:07:52.439>Equinix <00:07:53.019>owes <00:07:53.392>money — <00:07:54.159>you <00:07:54.259>can <00:07:54.415>actually <00:07:54.763>read <00:07:55.039>the <00:07:55.149>balance <00:07:55.552>sheet.

90
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<v Matt>Novel <00:07:56.849>concept <00:07:57.387>this <00:07:57.643>week.

91
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<v Host>If <00:07:59.014>you <00:07:59.168>follow <00:07:59.414>the <00:07:59.577>infrastructure <00:08:00.227>powering <00:08:00.867>AI, <00:08:01.894>check <00:08:02.154>out <00:08:02.547>AI <00:08:03.134>IPO <00:08:03.694>Watch.

92
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<v Host>It <00:08:04.848>brings <00:08:05.094>you <00:08:05.294>daily <00:08:05.864>sourced <00:08:06.547>coverage <00:08:07.001>of <00:08:07.134>OpenAI

93
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<v Host>Anthropic <00:08:09.134>Databricks

94
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<v Host>and <00:08:10.037>SpaceX <00:08:10.694>going <00:08:10.963>public

95
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<v Host>from <00:08:12.094>filings <00:08:12.674>and <00:08:12.794>valuations <00:08:13.721>to <00:08:13.841>first <00:08:14.265>trades.

96
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<v Host>Find <00:08:15.801>it <00:08:15.890>wherever <00:08:16.214>you <00:08:16.368>listen <00:08:16.601>to <00:08:16.743>podcasts.

97
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<v Host>Next <00:08:18.818>up, <00:08:19.085>we're <00:08:19.254>watching <00:08:19.698>PJM's <00:08:20.327>actual <00:08:20.818>FERC <00:08:21.115>filing <00:08:21.511>on <00:08:21.678>reliability <00:08:22.386>backstop <00:08:22.878>procurement <00:08:23.658>and <00:08:24.068>interim <00:08:24.462>resource <00:08:24.885>adequacy <00:08:25.448>service.

98
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<v Host>You'll <00:08:26.866>find <00:08:27.098>links <00:08:27.325>to <00:08:27.431>every <00:08:27.751>story <00:08:28.071>in <00:08:28.218>today's <00:08:28.562>show <00:08:28.725>notes <00:08:29.111>if <00:08:29.238>you <00:08:29.330>want <00:08:29.485>to <00:08:29.578>dig <00:08:29.746>into <00:08:29.982>anything <00:08:30.354>that <00:08:30.464>caught <00:08:30.754>your <00:08:30.882>attention.

99
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<v Host>That's <00:08:32.438>The <00:08:32.546>Data <00:08:32.784>Center <00:08:33.111>Daily <00:08:33.418>for <00:08:33.605>today.

100
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<v Host>This <00:08:34.738>is <00:08:34.938>a <00:08:35.028>Lantern <00:08:35.478>Podcast.